Monday, November 14, 2011

Another reason why we need a clean sweep in Congress

For any real change/equality to take place we need to get rid of everyone in Congress and replace them with people who aren’t career politicians.

I could give you a laundry list of reasons why the bums should go, but will narrow it down to one for today.

Inside trading. That’s right. Our elected officials are making a killing in the stock market every year. Taking advantage of inside information has become an institution in Congress.

A recent study of House members' stock transactions showed them beating the markets' return by about 6 percentage points annually from 1985 to 2001. A 2004 study involving the same authors showed senators beating the market by 12 percentage points annually.

Ziobrowski said Congress is preoccupied with three things: regulation, taxes and the federal budget.

"If you know a piece of legislation is coming down the line and you can trade in that, you can make a lot of money," he told msnbc.com.

A report on CBS' "60 minutes" on Sunday said Pelosi was among several lawmakers — including Republicans such as House Speaker John Boehner — who had profited from transactions that raised the possibility of conflicts of interest.

In my opinion, those Congressman should not be allowed to use their insider information for profit that the public couldn’t possibly beat by legal ways. It’s one more example of why we really need change in the way politics are conducted.

I believe in one-term for all Congressman in order to keep the inside cronyism under control. Do you agree with me?